Moscow, September 24, 2014

EDC Announces Extension of Share Repurchase Program

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Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL), the leading onshore & offshore drilling service provider in the CIS, announced today that on September 23, 2014 the Board of Directors of EDC approved the extension of its Share Repurchase Program for an additional six month period starting October 2, 2014, once the current Share Repurchase Program expires. The amount authorized for the extended share repurchase is up to US $200 million in addition to the amount spent for the existing Share Repurchase Program.  

The current Repurchase Program authorized by EDC's Board of Directors and previously announced on February 20, 2014 is for a six month period from April 2, 2014 to October 2, 2014 in the amount of up to US $200 million. In accordance with the Program, on September 23, 2014 a subsidiary of the Company purchased 50,000 of the Company's Global Depositary Receipts ("GDRs") at the price of US $25.50 per GDR. Earlier, on July 8, 2014 a subsidiary of the Company purchased 85,000 of the Company's GDRs at the price of US $31.50 per GDR. In total 1,970,273 GDRs were repurchased since the start of the Program, which constitutes approximately 1.36% of the Company's issued and outstanding shares.

The GDRs repurchased under the Share Repurchase Programs are held by EDC Incentive Plan Limited, a subsidiary of the Company. Repurchases will continued to be funded from the Company's cash reserves and accordingly the Company will not incur additional indebtedness to execute the Program. 

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EDC is the largest provider of onshore drilling services in Russia, as measured by the number of metres drilled, providing onshore integrated well construction services and workover services.  The Company also provides offshore drilling services in the Caspian Sea and is the largest provider of such services in the sectors where it operates based on the number of jack-up drilling rigs. The Company offers its onshore integrated well construction services and workover services to local and international oil and gas companies primarily in Russia and its offshore drilling services to Russian and international oil and gas companies in the Russian, Kazakh and Turkmen sectors of the Caspian Sea. In addition, the Company provides onshore drilling services in Iraq. The Company is traded on the London Stock Exchange under the symbol "EDCL".

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For further information, please contact:

Tom O'Gallagher, VP Marketing and Investor Relations
Evgeniya Bitsenko, Head of Investor Relations
+44 (0) 207 717 9707
investors.relations@eurasiadrilling.com

Hudson Sandler
Andrew Hayes/ Maria Ignatova 
+44 (0)20 7796 4133

September 24, 2014

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Some of the views expressed in this document may constitute "forward looking statements" that involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

 

 

Next: 24 September 2014: EDC Announces Results of Annual General Meeting